REGISTERED NUMBER: 05384624 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

ABERCORN SURVEYORS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A Northridge

I C Neale

SECRETARY:

Mrs J E Northridge

REGISTERED OFFICE:

The Custom House

The Strand

Barnstaple

Devon

EX31 1EU

REGISTERED NUMBER:

05384624 (England and Wales)

ACCOUNTANTS:

Perrins Limited

Chartered Accountants

The Custom House

The Strand

Barnstaple

Devon

EX31 1EU

FIXED ASSETS

Tangible assets

5

121,333

119,502

Investment property

6

120,000

120,000

241,333

239,502

CURRENT ASSETS

Debtors

7

22,675

40,177

Cash at bank

18,408

28,060

41,083

68,237

CREDITORS

Amounts falling due within one year

8

15,949

26,629

NET CURRENT ASSETS

25,134

41,608

TOTAL ASSETS LESS CURRENT LIABILITIES

266,467

281,110

CREDITORS

Amounts falling due after more than one year

9

(116,404

)

(125,528

)

PROVISIONS FOR LIABILITIES

12

(1,547

)

(761

)

NET ASSETS

148,516

154,821

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

13

148,416

154,721

SHAREHOLDERS' FUNDS

148,516

154,821

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 5 September 2017 and were signed on its behalf by:

D A Northridge - Director

I C Neale - Director

1.	STATUTORY INFORMATION

Abercorn Surveyors Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The company is a private company and transitioned from previously extant UK GAAP to FRS102 as at 1 April 2015. The only changes from the reported financial statements under UK GAAP to the current position under FRS102 was to transfer the revaluation reserve of £1,779 into the profit and loss reserve.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements cover this company as an individual entity. Rounding is to the nearest Pound (£).

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions

that affect the amount reported for assets and liabilities at the balance sheet date and the amounts reported for

revenues and expenses during the year. However, the nature of estimation means that actual outcomes could

differ from those estimates. The judgements and estimates having had the most significant effect on any amounts

are recognised in the financial statements in the year they are discovered.

Turnover and revenue recognition

Turnover represents net invoiced sales of services, excluding value added tax, and is derived from the ordinary

activities. Revenue is recognised when services have been rendered and are invoiced to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Investment property

Financial instruments

Basic financial instruments of debtors, bank and cash balances, bank loans and creditors are all recognised at

cost.

Financial instruments are defined as a contract which gives rise to a financial asset of one entity and a financial

liability or equity instrument of another entity.

Basic financial instruments are classified under section 11 of FRS102 and are held at amortised cost. These

include cash, trade debtors and creditors, bank loans and other non-complicated loans.

Other financial instruments which are classified under section 12 of FRS102 and are measured as at fair value

through the profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2016

125,436

6,651

9,307

141,394

Additions

-

6,145

464

6,609

At 31 March 2017

125,436

12,796

9,771

148,003

DEPRECIATION

At 1 April 2016

9,738

4,286

7,868

21,892

Charge for year

2,509

1,278

991

4,778

At 31 March 2017

12,247

5,564

8,859

26,670

NET BOOK VALUE

At 31 March 2017

113,189

7,232

912

121,333

At 31 March 2016

115,698

2,365

1,439

119,502

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

120,000

NET BOOK VALUE

At 31 March 2017

120,000

At 31 March 2016

120,000

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2015

1,779

Cost

118,221

120,000

If investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

118,221

118,221

Investment property was valued on an open market basis on 31 March 2017 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

7,931

21,982

Other debtors

1,542

1,683

Prepayments

13,202

16,512

22,675

40,177

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

9,120

9,120

Tax

-

8,701

Social security and other taxes

4,217

5,157

Other creditors

-

868

Directors' current accounts

125

125

Accrued expenses

2,487

2,658

15,949

26,629

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

9,120

9,320

Bank loans - 2-5 years

27,560

29,159

Bank loans more 5 yr by instal

79,724

87,049

116,404

125,528

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

79,724

87,049

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

-

750

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

125,524

134,648

The bank loan is secured by a legal mortgage over the company's freehold and investment properties, and a fixed

and floating charge over all the company's fixed and current assets.

12.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

1,547

761

Deferred

tax

£

Balance at 1 April 2016

761

Capital allowances movement

786

Balance at 31 March 2017

1,547

13.

RESERVES

Retained

earnings

£

At 1 April 2016

154,721

Deficit for the year

(6,305

)

At 31 March 2017

148,416

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

I C Neale

Balance outstanding at start of year

(63

)

-

Amounts repaid

-

(63

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(63

)

(63

)

D A Northridge

Balance outstanding at start of year

(62

)

-

Amounts repaid

-

(62

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(62

)

(62

)

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY

During the year the company was under the control of D A Northridge and I C Neale, its directors and

shareholders.